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How to Manage Your Money and Make it Last

Written by Rand Rubaye
How to manage your money and make it last

Sponsored by CIBC

Learning how to manage your money can make a difference when you need to save.

As many of us have learned the hard way, it is easier to spend money than it is to save. Budgeting is rarely fun, but it is essential when you are getting ready to make a down payment on a home, or make your savings last. Therefore, the best thing to do is to make a habit out of tracking your spending. Thankfully, with the right banking app and our list of tips, it is easy to get on the right track.

Find the Right Bank

First things first, you need the right bank account. Good thing there are a ton of options for newcomers. For example, there are a number of great newcomer offers from CIBC that might interest you and help on your quest to manage your money as a newcomer in Canada.

Once you have this settled, follow these tips for spending less and saving more:

  • Pay off your credit card balance every month to avoid paying extra interest.
  • Pay all your bills on time, you can even do this from your phone.
  • Follow the rules of your bank to avoid additional fees.
  • Utilize  mobile banking to set up automatic payments and transfer funds.

Start an Expense Tracker

This is a great method for tracking your expenses. Basically, an expense tracker records your daily spending as well as any invoices, receipts, and additional expenses you need to pay. Whether you are using this for home or personal expenses, a tracker is a great way to stay on top of your finances.

CIBC has a great application for tracking your budget with CIBC Smart PlannerTM. That way, can decide what to remove completely, reduce, or add to your daily spending in order to make your money last longer. See how CIBC Smart Planner can help you take your first step towards your goal. 

It is also wise to have a measure in place to ensure that none of these expenses are getting past you and causing you to pay extra late fees and interest. Setting up account alerts through your banking app can be a great way to prevent this.

Use a Budgeting App

Similar to an expense tracker, there are many budgeting apps to choose from. If you are not sure where to begin, consider a financial app like the CIBC Mobile Banking App® to help build those better financial habits, like managing your daily spending with help from expert CIBC Insights.

Regardless of the app you choose, here are some examples of both one-time and recurring costs that you should include when mapping out your budget:

  • Groceries
  • Transportation
  • Entertainment
  • Housing/Rent
  • School Tuition
  • Utilities 
  • Internet/TV
  • Car/Vehicle
  • Wellness
  • Loan Payments

Add any other regular payments you make to this list as you see fit. For instance, you can incorporate your daily coffee runs or lunch outings. Hold yourself accountable for your routine spending by using a good smart insights app.

In the End

Evaluate your purchase patterns to understand how often you spend money, so you can figure out where to save smarter. Once you understand how much you spend on a regular basis, you can find a better balance between your income and expenses. In the end, watching your spending and learning how to budget will be the best thing you do for your wallet.

But remember, you never have to do this alone. Make sure to take advantage of the opportunity to get expert advice and banking features for free right on your phone for free or by meeting with a helpful advisor to discuss any questions you may have. 

Brought to you by CIBC. General information not about CIBC Financial products is provided for your reference and interest only. The above content is intended only to provide a summary and general overview on matters of interest and is not a substitute for, and should not be construed as the advice of an experienced professional. CIBC does not guarantee the currency, accuracy, applicability or completeness of this content.

The CIBC logo and the CIBC Smart AccountTM are trademarks of CIBC.

*Opinions expressed are those of the author, and not necessarily those of Student Life Network or their partners.